2025 (6) TMI 1830

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....espondent : Smt. Leena Lal, Sr.AR ORDER PER PRAKASH CHAND YADAV, JM : The present appeal of the assessee is arising from the order of the National Faceless Appeal Centre / learned Commissioner of Income-tax (Appeals) ["CIT(A)" for short] dated 27.03.2024, having DIN & Order No.ITBA/NFAC/S/250/2023-24/1063456687(1) and relates to the assessment year 2017-2018. 2. The assessee has raised....

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....ssment proceedings, the AO inter alia observed that huge cash was deposited by the assessee during demonetization period. The AO conducted inquiries u/s.133(6) of the Act from the concerned banks and also sought explanation of the assessee with respect to the source of this amount. Dissatisfied with the explanation of the assessee the added this amount as unexplained cash credit u/s.68 of the Inco....

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....record. The arguments advanced by the assessee that the customers have deposited these amounts directly in the bank account of the assessee, is not supported with any documentary evidences. The assessee has also failed to provide any details vis-à-vis goods supplied to the so called customers who have deposited the amount in the bank account of the assessee. The learned Counsel for the asse....